Question

How much money should be invested at a rate 2% compounded semi-annually to produce a future value of 20000 in 8 years?
(1) 17069.807
(2) 17056.425
(3)23451.572
(4)21657.134​

Answer 1

Solution :-

Let money invested (P) is Rs. x

given that,

→ Future value = Amount (A) = Rs. 20000

→ Time (T) = 8 * 2 = 16 years .

→ Rate (R) = 2/2 = 1% per annum .

So,

→ A = P[1 + (R/100)]^T

→ 20000 = x[1 + (1/100)]¹⁶

→ 20000 = x(1.01)¹⁶

→ 20000 = x * 1.17258

→ x ≈ Rs. 17056.425 (2) (Ans.)

Hence, the money should be invest is equal to Rs. 17056.425 .

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

https://brainly.in/question/32463301

7. Abhishek invested some amount for 3 yrs at rate of 16(2/3)% per annum at Cl. The difference of CI obtained

only on 3r...

https://brainly.in/question/38286271